Fungicides Market to Undertake Strapping Growth During 2024
As a tool to help them emerge at fore, some of the players in the global fungicides market are focusing on research and development. Their keenness toward developing innovative and eco-friendly fungicides is an outcome of their efforts to gain competitive advantage amidst competition. Besides this, the companies operating in the global fungicides market are coerced to comply with certain stringent regulations, which restrict the use of various chemicals. Given the scenario more companies are shifting toward organic fungicides, finds Transparency Market Research (TMR) in a new study. Some of the most prominent companies operating in the global fungicides market are BASF SE, Bayer CropScience AG, Syngenta International AG, Monsanto Company, and DowDupont Inc.
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Besides innovations, several companies target the segment of smaller end users to supply their products in regional and highly localized markets. On the back of strategies adopted by the market players and several other factors, the global fungicides market is expected to reach US$18,227.6 mn by the end of 2025, exhibiting a CAGR 4.4% between 2017 and 2025. In 2016, the market was valued at US$12,370.2 mn. Based on crop type, the fruits and vegetables segment held the dominant share of 40% in the global market 2016. Regionally, the lead was held by Asia Pacific in 2016. The strong agricultural sectors in emerging nations such as India and China support the market’s expansion in Asia Pacific.
While growth is expected to remain steady, the gradual shift from inorganic to organic fungicides insinuates a few challenges that future holds for the fungicides market. Meanwhile, the market is likely to gain from the growth in population and the subsequently rising need for food, which has impelled the demand for high quality and high yield crops. Against this backdrop, emerging nations such as Brazil, China, and India will offer the market lucrative prospects. Fungicide utilization in these nations, besides a few others is expected to spike in the coming years. This will bode well for the market. In addition, the increasing demand for modern techniques of farming and other varieties of agricultural products to boost crop yield will have a positive impact on the overall market. On the flip side, health and environmental concerns associated with the use of synthetic fungicides will trigger interest toward bio-based fungicides in the coming years. If players capitalize on this transition effectively, the global fungicide market will continue exhibiting robust trajectory through the course of the forecast period.
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While organic fungicides will witness steady growth in demand, concerns with regards to the use of inorganic and synthetic fungicides may pose threat to the overall market. The hazardous effect of inorganic fungicides on environment could adversely impact the market’s overall trajectory. As discussed, stringent regulations aimed at curbing the use of synthetic fungicides may negatively impact the overall market as well. Nonetheless, it is possible to mitigate these challenges by proper education. As governments across emerging nations such as India roll-out various campaigns to educate farmers about the correct use of fungicides, it will minimize the effect of unbridled fungicide use. With this, quality and yield of crops are likely to improve in turn fuelling prospects for the market’s expansion in the forthcoming years.
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